The department will encompass Cayman’s Investment Support Services Unit, which focuses on attracting and assisting foreign investors; the Cayman Islands Film Commission, which aims to attract foreign film and TV producers to Cayman; and the Small Business Development Unit, which offers technical help to local companies and entrepreneurs.
Premier McKeeva Bush said trade and business licensing functions, which were formerly handled in immigration but recently shifted to the investment bureau, would also fall under the new Department of Commerce and Investment starting on 1 March.
“It became clear that the name Cayman Islands Investment Bureau would not clearly communicate the internal changes or the agency’s modified mandate,” Premier Bush said last week.
Mr. Bush said he expected the switch up would be revenue neutral for government, and also hoped the new agency would help reduce the bureaucracy faced by both local and foreign companies that wish to do business in Cayman.
“Where there is scope and need for additional staff, we will look to see how we can efficiently use persons across the agencies that fall within financial services,” he said.
To advise the department, Premier Bush said a government-appointed National Investment Council would be appointed.
The group’s focus will be on keeping Cayman’s legislation and policies related to trade and development current. Members will include both public and private sector representatives.
A committee of advisors from several government departments would also be formed to provide technical input and information on all matters before the council. Mr. Bush said that the committee would act to assist investment council members only.
“It will not be left to that committee to drive investment for the Islands,” Mr. Bush said.
The National Investment Council will report to a special committee of Cabinet ministers, chaired by the Premier.
Mr. Bush has said since his government was elected in May that he wanted the Cayman Islands Investment Bureau to play a greater role in attracting and retaining business in the Cayman Islands.
Investment bureau chief Dax Basdeo will stay on to head the new Department of Commerce and Investment.